Turkey’s industrial production growth improved at a faster-than-expected pace in October to the highest level in four months, figures from the Turkish Statistical Institute showed Tuesday.
Industrial production climbed a calendar-adjusted 4.6 percent year-over-year in October, faster than the 2.8 percent gain in September. Economists had expected a 3.9 percent increase for the month.
Production has been rising since February this year. The latest rate of growth was the fastest since June, when production grew 4.9 percent.
Manufacturing sector registered an increase in production by 5.0 percent in October and that for utility sector expanded by 4.1 percent. At the same time, mining and quarrying output fell by 0.5 percent.
On a monthly basis, industrial production edged up 0.1 percent in October, reversing a 0.1 percent drop in the preceding month.
The material has been provided by InstaForex Company – www.instaforex.com